This research study involved the use of extensive secondary sources, directories, journals on power generation technologies, and other related rental markets; newsletters and databases such as Hoovers, Bloomberg, Businessweek, and Factiva, to identify and collect information useful for a technical, market-oriented, and commercial study of the global market of pressure switch. The primary sources include several industry experts from the core and related industries, vendors, preferred suppliers, technology developers, alliances, and organizations related to all the segments of this industrys value chain. The research methodology has been explained below.

Study of annual revenues and market developments of major players providing pressure switches

Analysis of the major end-users and applications of pressure switches

Assessment of future trends and growth of the market on the basis of investments in key end-user segments such as industrial, infrastructure, oil & gas, and power generation

Study of contracts & developments related to the market by key players across different regions

Finalization of the overall market sizes by triangulating the supply-side data, which includes product developments, supply chains, and annual revenues of companies manufacturing pressure switches across the globe

After arriving at the overall market size, the market was split into several segments and subsegments. The figure given below illustrates the breakdown of primary interviews conducted during the research study on the basis of company type, designation, and region.

The global pressure switch market is projected to reach a market size of USD 2.09 billion by 2023, at a CAGR of 4.39%, from an estimated USD 1.69 billion in 2018. This growth can be attributed to the low cost of pressure switches coupled with their multi-functionality, increasing demand for electric vehicles, and increasing investments in the railways sector.

The report segments the pressure switch market, by type, into electromechanical and solid-state. The electromechanical segment is expected to hold the largest market share from 2018 to 2023. Increasing deployment of electromechanical pressure switches in commercial and industrial applications is likely to propel the demand in the electromechanical segment.

The pressure switch market, by pressure range, is segmented into below 100 bar, 100400 bar, and above 400 bar. The below 100 bar segment is expected to dominate the market of pressure switch from 2018 to 2023. Growth in the automotive & transportation sector is one of the key reasons behind the growth of the below 100 bar pressure switch market.

The pressure switch market is segmented into HVAC, monitoring & control, safety & alarm systems, and hydraulics & pneumatics based on application. The HVAC segment is one of the major applications of the pressure switch market. Also, this segment is expected to hold the largest market share, during the forecast period. Pressure switches help HVAC systems to operate at optimum levels and offer better maintenance, thereby driving the pressure switch market in the HVAC segment.

Based on end-user, the pressure switch market is segmented into automotive & transportation, process & manufacturing industry, and commercial. The automotive & transportation segment held the largest share in pressure switch market in 2017 and is expected to grow at the fastest CAGR from 2018 to 2023. The global automobile production has seen significant growth in last few years from 94 million units to 97 million units from 2016 to 2017. As per International Energy Agency (IEA), the annual production of electric vehicles is expected to grow from 1 million in 2015 to 5.6 million by 2020 globally. So, the rising demand of electric vehicles and increasing automobile production is driving the market of pressure switch in automotive & transportation segment.

The pressure switch market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is estimated to be the largest pressure switch market, from 2018 to 2023. Countries such as India, plan to increase their contribution toward the manufacturing sector to reach 25% by 2025. Moreover, in 2017, the automotive industry in South Korea produced approximately 3.75 million passenger car units. All such factors are expected to drive the market of pressure switch in the Asia Pacific region.

Pressure switches are not capable of sending the measured pressure valve to remote locations, thus limited monitoring capabilities can hinder the growth of the pressure switch market. The leading players in the pressure switch market include ABB (Switzerland), Eaton (Ireland), Danfoss (Denmark), Schlumberger (US), and Parker (US). Contracts & agreements is the most commonly adopted strategy by the top players. This was followed by new product launches and mergers & acquisitions.

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